Is ChatGPT Fit for Legal BD, Research, or CI?

DataPlus AI
January 29, 2024
3
min read

The Curiosity, Excitement, and Pitfalls of ChatGPT for the Business of Law

 

ChatGPT has been making waves since November 2022 as the clever conversational AI that easily generates coherent text on demand. Its human-like responses lead many to view it as a potential do-it-all single solution for business - a tool that can take on all sorts of tasks from content creation to market research.

While ChatGPT has its strengths – mostly in ease of use and speed - using it as a research tool for legal business development, client research, or competitive intelligence purposes would be unwise.

Here's why:

ChatGPT is the mouth, not the brain.

ChatGPT is powered by Large Language Models (LLM) designed to mimic human communication. They were not initially designed to think, and they were not designed to act as knowledge/experience bases (brain).

Granted, OpenAI, Anthropic, and other LLM vendors keep pushing their research to bring reasoning skills to the LLMs.

Thin Surface-Level Knowledge

ChatGPT sounds convincing, but its knowledge base is too general and lacks depth and context. The LLMs that power ChatGPT are trained on a general dataset of online text, not specialized on any topic…. Let alone legal business knowledge. As a result, any output will likely be incomplete or outright inaccurate.

No Transparency, Accuracy, or Citations

Anything related to the legal industry needs citations and backups, but ChatGPT, without browser plugins, cannot provide transparency into the source of its information. Users simply have no way of verifying if the responses are factual or if the output is the result of a hallucination. This lack of auditing makes the output unreliable for business decisions in an industry that is so competitive.

Variety and Errors

Multiple analyses have revealed that ChatGPT’s output is often wrong, and if you re-generate the output, it is still wrong. This happens because the LLM is not grounded in truth, facts, and context.

Cannot Comprehend Nuance

The business of law language is nuanced. Think of practices and industries. ChatGPT frequently oversimplifies information and fails to account for valuable nuances that would be obvious to a legal business professional.

Outdated Results  

ChatGPT, with its dataset always ending in previous months, will increasingly present outdated information as time passes. However, the business and legal landscape evolve rapidly. Without the latest, most accurate, nuanced information, the LLM cannot provide reliable outputs.

While ChatGPT represents an impressive demonstration of conversational AI, it is not suited for professional purposes. Reliance on ChatGPT for business insights could lead to disastrous consequences.

Better Results

To fix the brain/mouth (LLM/Knowledge Base) disconnect, it is best to ground the models on reliable information that is trusted and well-accepted by the industry participants. Better yet, fine-tune small language models with trusted data relevant to the use case to provide context.

For professional research regarding clients, markets, and competitors, it is best to partner with purpose-built products that ensure outputs are accurate, nuanced, and truly reflect the nuanced world of law.

DataPlus AI —Co-Pilot for Legal Business Development

DataPlus is an AI-platform that offers three distinct skillset modes that allow business development professionals, researchers, and competitive intelligence staff to1) Search; 2) Analyze; and 3) Generate high-quality and thought-provoking insights that lead to meaningful conversations with their current and prospective clients.

By leveraging DataPlus, legal business development professionals can save time, streamline their client screening process, and gather deep insights about their current and prospective clients, industries, markets, and competitors. To learn more about DataPlus and experience the benefits, sign up to try the DataPlus platform today.

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